On Monday, multiple media outlets began reporting that the former Memphis-based retailer had filed for Chapter 11 bankruptcy and plans to close the remaining store locations soon.

Going out of business sales will reportedly take place in the next 60 days. Pharmacies will continue to fill prescriptions during that time.

“Despite our team’s best efforts, we were not able to avoid this outcome,” Fred’s CEO Joe Anto said in a statement sent to USA Today. “I want to thank all of our employees for their hard work and continued support of the Company as we wind-down our operations.”